Indian Oil Corp will not completely avoid Russian crude purchases, exec says

Indian Oil Corporation (IOC) and other Indian oil firms may not completely halt purchases of Russian crude as recent sanctions target specific Russian suppliers, not the oil itself – a scenario that opens the possibility of flows to continue through non-sanctioned entities.

Officials said four Russian oil companies have been sanctioned so far, but the largest supplier to India, Rosneft – which handles around 45 per cent of flows – is not an actual producer but an aggregator. Crude aggregation from fields in Russia can be carried out by other non-sanctioned entities, allowing supplies to continue.